President Barack Obama Named Time’s Person of the Year (PHOTO)

President Barack Obama on Wednesday was named TIME’s Person of the Year for 2012, capping off a big year for the 50-year-old leader of the free world.

“For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is TIME’s 2012 Person of the Year,” managing editor Richard Stengel wrote on Wednesday.